Trust & Financial Services FAQs

How much money will I need to retire?

Generally, 75% of your pre-retirement income is a good target for retirement income. Of course, spending and saving habits have a large impact on this number. What you are saving, your current debts and what you would like to do after retirement are some factors to consider when deciding how much money you may need. It’s never too late to start building your retirement plan I have a 401(k) with my former company.

Should I roll it over to an IRA?

Rolling over your 401(k) to an IRA offers greater benefits, such as tax advantages and investments into individual stocks and bonds as well as certificates of deposits.

How do I roll over my 401(k) plan to SNB?

Call your previous employer's Human Resources department to get the distribution paperwork. Meet with Superior National Bank’s Trust & Financial Services Department to complete the paperwork and initiate the rollover.

I’m 50 and heard I can contribute more toward retirement. How does it work?

For an individual who is 50 or older, additional contributions can be made toward your retirement plan. The additional contribution that can be made depends on the type of retirement account that you are contributing to. Call Superior National Bank’s Trust & Financial Services Department for the current contribution limits.

What if I got a late start saving for retirement?

Starting late is better than never starting. No matter what your age, if you plan to save and do so, it can grow. Here are a couple of things to consider:

If your employer has a retirement plan, and you are permitted to contribute, you should do so. One strategy is to put half of any raises away for retirement.

Another common sense strategy is to get out of debt, and then continue making those payments to your personal retirement account.

If you are 50 or older you can have the benefit of catch up contributions, or more simply put, you can put more money away in retirement accounts than people under age 50.

The facts are the later you start saving for retirement in life the more serious you’ll have to be about it. It can be done with persistence and a plan. Start now regardless of your age.

Can you manage my Non-IRA Investment Account?

Absolutely. Non-IRA investment accounts need just as much attention as any other account. Accounts that are Non-Retirement may need to consider tax free investments as well as a strategy to keep some funds liquid if needed. High quality securities are a major component of these types of accounts. We can develop a specific investment plan to meet your needs, whether it focuses on Income, Growth, or a combination of both.